Movement announced it has secured access to licensed payment systems in the US, Canada and European Union. The blockchain project is shifting focus to stablecoin-based payments and remittances.
The company behind Movement said Tuesday that it had secured access to licensed payment systems in the US, Canada and European Union. It plans to use these rails alongside blockchain settlement for cross-border transfers and dollar savings products. Movement is pivoting from its original role as a layer-2 network linking Move-language blockchains to Ethereum. The change targets the roughly $685 billion remittance market in low- and middle-income countries. As part of the transition, the Movement Network Foundation repurchased 19 percent of tokens previously allocated to investors, equal to 4.1 percent of total supply. The MOVE token was recently trading around 14.35 cents. 'Billions globally are financially disenfranchised and unserved,' CEO Torab Torabi said in a press release. 'Our mission is to marry licensed payment rails with onchain settlement to modernize financial services globally, particularly in emerging markets.'
